121 Morning Glory Way · Rock Springs, WY 82901

$279,000

2 bd · 2.0 ba · 1,882 sqft · MultiFamily public records · 44 Days on market

Built 1995 5,227 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +14.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 5,227 sq ft lot
• Garage
• Built 1995

Property features AI

Exterior

• Parking: Attached garage (1 space)
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Residential property; Other property subtype
• Construction: Vinyl siding; Composition roof; Full basement
• Exterior features: Porch; Wood fencing

Interior

• Kitchen: Dishwasher; Refrigerator; Microwave; Range; Oven; Disposal
• Flooring: Carpet; Laminate
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Vaulted ceilings; Walk-in closets; Fireplace (1)
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $72 ($858/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (21.5% below list).
• Recommended offer: $219k (21.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.9% in Rock Springs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#35 in WY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Sweetwater County School District #1 (town): math 44% / reading 49% proficiency, ranked #31 of 41 in WY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rock Springs Junior High (math 43% / reading 52%, grade C-, #38 of 55 statewide, top 69%, 769 students, 39% FRL); Rock Springs High School (math 37% / reading 43%, grade F, #51 of 75 statewide, top 68%, 1,502 students, 31% FRL).
• Market conditions: Rents soft (-2.1%/yr); 178 active listings in the ZIP; 47 units permitted in Sweetwater County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Sweetwater County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,900 (21.5% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.78% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.10%
• DSCR: 1.05
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.40×
• Total profit: $-47,203
• Equity at exit: $41,600

10-year hold

• IRR: -15.6%
• Equity multiple: 0.22×
• Total profit: $-60,571
• Equity at exit: $24,123

Cash invested: $78,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Wyoming: 90 Strongly Landlord-Friendly · R+25
• County: — inherits STATE
• City: — inherits STATE

3-day notice; strongly landlord-favorable; small market.

Methodology + full state rankings →

ZIP-level market 82901

• Rents YoY: -2.1%
• Active inventory: 178
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $2,189 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$78 /mo · $941/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $72

Break-even live

Break-even rent $2,098

Max offer price $279,000

Occupancy floor 92%

Sensitivity live

Price	-10% $229	-5% $150	+0% $72	+5% $-7	+10% $-86
Rent	-10% $-101	-5% $-15	+0% $72	+5% $158	+10% $244
Rate	-1.0pp $212	-0.5pp $142	base $72	+0.5pp $-1	+1.0pp $-74

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,190
Total (2 units)			$2,189

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $279,000 Active 44 DOM
2. 2026-06-19
   days on market $279,000 Active 42 DOM
3. 2026-06-18
   days on market $279,000 Active 41 DOM
4. 2026-06-17
   days on market $279,000 Active 40 DOM
5. 2026-06-16
   days on market $279,000 Active 39 DOM
6. 2026-06-15
   days on market $279,000 Active 38 DOM
7. 2026-06-14
   days on market $279,000 Active 36 DOM
8. 2026-06-12
   days on market $279,000 Active 35 DOM
9. 2026-06-09
   days on market $279,000 Active 32 DOM
10. 2026-06-08
    days on market $279,000 Active 31 DOM
11. 2026-06-07
    days on market $279,000 Active 30 DOM
12. 2026-06-05
    days on market $279,000 Active 27 DOM
13. 2026-06-02
    days on market $279,000 Active 25 DOM
14. 2026-06-01
    days on market $279,000 Active 24 DOM
15. 2026-05-31
    days on market $279,000 Active 23 DOM
16. 2026-05-30
    days on market $279,000 Active 22 DOM
17. 2026-05-08
    listed $279,000 Active
18. 2015-02-11
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WY · Resets to sale price

• Current annual tax: $941 · $78/mo
• Projected year-2 tax: $1,702 · $142/mo
• Expected delta: +$761/yr (+$63/mo · 80.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 6 d/yr ≥88°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,268
• − Mortgage interest: −$15,628
• − Property taxes: −$941
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,101
• − Management: −$2,101
• − Depreciation: −$8,116
• Taxable loss: −$4,016
• Est. tax savings @ 24.0%: +$964
• After-tax cash flow: $1,822/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Sweetwater County School District #1
• NCES district ID: 5605302
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $68,679
• Composite: 41.66/100
• National rank: #3422
• State rank: #31 of 41 in WY

Livability — Rock Springs

• Score: 70/100
• State rank: #35
• US rank: #8016

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment A- Housing A+ Health & safety F User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rock Springs, WY
• County: Sweetwater County · 27,198 people
• City population: 27,198
• Metro: Rock Springs, WY
• Population (ZIP): 27,198
• Household income: $69,954
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 609.0

Population outlook (Sweetwater County) Hauer SSP2

• Today (2025): 48,212 people
• By 2030: 49,664 · +3.0%
• By 2040: 51,984 · +7.8%
• By 2050: 54,005 · +12.0%
• By 2075: 57,684 · +19.6%
• By 2100: 57,857 · +20.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 9% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 5% Lithuanian 2% Portuguese 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 90% English-only · Spanish 9% Vietnamese 1%

Political lean MEDSL · Sweetwater

• 2024 margin: Solid R (+53.2) · D 22.5% · R 75.7% · Other 1.8%
• 2008→2024 swing: -25.7pp toward R · 2008: -27.5pp · 2024: -53.2pp
• All cycles: 2024: R+53.2 2020: R+50.6 2016: R+53.5 2012: R+39.7 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -270.69%
• Current HPI: 146.2451
• Rent YoY: ▼ -2.15%
• Metro: Rock Springs, WY
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-08 Listed $279,000 WMLS
• 2015-02-11 Sold (Public Records) — Public Records

Property tax history

-1.1%/yr

Latest (2025): $941 · -22.0% YoY. Source: county tax records.